Budgeting
This type of expense in your budget stays the same every month, like rent.
What is Fixed Expense?
When a company makes a profit, it may share part of those profits with its shareholders in this form.
What is a dividend?
This is the smallest amount you can pay each month to keep your credit card account in good standing.
What is the minimum payment?
This card is linked directly to your account and can be used to withdraw money or make purchases.
What is a debit card?
This three-digit number, typically between 300 and 850, is what lenders, landlords, and others often review when making decisions about you.
What is a credit score?
This term describes money you spend on things that are nice to have but not essential.
What are wants?
When you purchase this type of security from a company, you are essentially lending them money which is a promise to repay with interest.
What is a bond?
This type of loan has an interest rate that can change depending on the market.
What is a variable rate loan?
This electronic transfer of your paycheck directly into your account.
What is direct deposit?
This occurs when lenders check your credit report, and it can temporarily lower your score.
What is a hard inquiry?
This is the total amount you earn on your paycheck before taxes or deductions are taken out.
What is gross pay?
This strategy helps reduce risk in an investment portfolio by spreading money across a variety of assets, such as stock, bonds, and funds.
What is diversification?
This type of loan is specifically used when you purchase a home.
What is a mortgage?
This document shows all the transactions in your account and is typically sent once a month.
What is a statement?
Experian is one of these three major organizations that collect and maintain credit information for lenders.
What is a credit bureau?
In this budgeting method, every single dollar you earn is assigned a specific purpose.
What is zero-based budgeting?
This is the interest calculated on both your original investment and on the accumulated interest from pervious periods.
What is compound return (or compound interest)?
This is the process of paying off a debt in regular installments over a period of time.
What is amortization?
This is the money your savings earns, paid out as a share of the credit union's profits.
What are dividends?
This factor is the most important component that contributes to your credit score.
What is payment history?
If you spend more money than you earn in your budget, you end up with this.
What is a deficit?
In this type of retirement plan, employees can contribute part of their salary on a pre-tax basis, and the money is invested for their future.
What is a traditional 401(k) plan?
This term refers to the original amount of money borrowed from a lender.
What is the principal?
This federal agency protects your deposits in a credit union up to $250,000 if the credit union fails.
What is the NCUA (National Credit Union Administration)?
This government agency ensures banks, lenders, and other financial companies treat consumers fairly.
What is the Consumer Financial Protection Bureau (CFPB)?